We can reform our democracies, corporations and co-ops by creating better voter information systems: let voters allocate some community funds to competing media. More info at votermedia.org.

Friday, March 24, 2017

FICOM Should Say No to Coast Capital Board

Transferring our credit union from BC to nation-wide is bad for its 500,000 members.

Coast Capital Savings Credit Union's board of directors has launched a plan to expand nationally, which would increase their opportunities to benefit personally from their power and members' disempowerment. The dangers are well documented on this concerned member's website: GovernanceWatch.ca/ThreatsToCoastCapitalsMembers.html.

In the past 10 years, Coast's board has changed the credit union in several ways that are harmful to members. They raised their pay to double that of Vancity Credit Union's board. A group of members compiled data showing that by 2011, Coast's board had increased its pay to over $750,000 while the Vancity board was paid less than $370,000 – see coastcapitalcompensationwatch.wordpress.com/facts. This sparked a member uprising that Coast's board is still trying to divert and ignore – see votermedia.blogspot.ca/search/label/Coast Capital.

The board maintains its power by controlling the information conveniently available to members when they vote. Most are too busy to look beyond the board's spin, not realizing how poorly they are being served. So they trustingly vote as the board recommends.